Is Your Property's Appeal Winning Over Buyers? Discover What They Really Think of Your Building and Common Areas.
At AboveBoard, we’ve noticed a growing trend of owners within our portfolio choosing to sell and move. Whether due to lifestyle changes or market conditions, this shift has prompted us to consider an important question: If you were selling your property right now, what do you think potential buyers would think of the state of the buildings and communal areas?
Would it be appealing? Would it make them think twice about purchasing the property due to the potential for hidden costs?
As property owners, it’s easy to become accustomed to the condition of our buildings and shared spaces. But what would prospective buyers notice when they walk through your development for the first time?
First Impressions Matter
When prospective buyers visit, their first impressions can make or break a sale. For many, the external appearance of a building, its communal areas, and even small details like the condition of shared hallways or gardens are not just cosmetic—they’re an indicator of how well the property is maintained and whether it’s a place they would want to call home.
If you were to sell your property today, would it create the impression you’d want? Or could issues like poorly maintained communal areas or neglected exterior repairs raise red flags about possible future expenses?
The Communal Factor: A Shared Responsibility
In a multi-unit development, it’s not just your individual home that matters—shared spaces play a crucial role in the perceived value of the entire property. A well-maintained communal area can signal to buyers that the residents care about their environment, that property management is effective, and that the building is likely to remain in good condition for years to come.
But if the communal areas are neglected—overgrown gardens, peeling paint in hallways, or damaged lighting—buyers might start to question how well the building is managed, or worse, how much extra work (and money) they might have to invest after purchase.
What Potential Buyers See
If you were to walk through your property today with fresh eyes, what would stand out? Consider these common buyer concerns:
- Exterior Maintenance: Does the building’s exterior look well-maintained, or is there visible damage, like crumbling brickwork or overflowing downpipes?
- Garden Spaces: Are the shared gardens or outdoor spaces tidy and inviting? Or do they appear neglected, with overgrown grass and debris?
- Common Areas: Are hallways and stairwells clean and well-lit? Does the paint look fresh, or is it chipped and in need of attention?
- Parking Areas and Entrances: Are these spaces easy to navigate, clearly marked, and well-kept? Or are they cluttered and unwelcoming?
- Main Doors: Are these well presented and securely locked? Is the keypad entry system functional?
The Cost of Neglect
Neglecting communal areas and building maintenance doesn’t just deter potential buyers—it can also have a direct impact on property values. Poorly maintained spaces can suggest deeper problems, like mismanagement or ongoing disputes among residents, leading buyers to make lower offers, or worse, pass on your property entirely.
Moreover, regular upkeep isn’t just about aesthetics; it’s about safeguarding the long-term value of your investment. Addressing minor repairs early prevents them from becoming larger, more costly problems down the line.
Is It Time to Reassess Your Property Factor?
If your building’s communal areas aren’t meeting the standard you’d expect as a potential buyer, it might be time to reassess your property management arrangements. Are your current factors responsive? Are they addressing maintenance issues promptly and transparently? If not, it might be time for a change.
At AboveBoard, we believe that property factoring should go beyond just maintaining a building—it’s about enhancing the spaces where you live, protecting your investment, and creating a community that residents can be proud of. Through regular inspections, proactive maintenance, and transparent communication, we help ensure that your property stands out to potential buyers for all the right reasons.
